Central bank: we have stopped hundreds of companies after the discovery of corruption

Last update: Sunday, December 4, 2016 - 9:46

CBI administration has warned of the repercussions of non-compliance with the legislation of laws and regulations to combat money and risks in creating channels for laundering financing of terrorism offenses.

He said the central bank governor on the Keywords, during a press conference on the sidelines of the Forum of compliance and anti-money laundering and terrorism financing in Iraqi banks and financial institutions, that "Iraq's banking and financial institutions, compliance with anti-money laundering and financing of terrorism."

He noted that the "Law No. 39 of 2015 represents a broad framework and whatever is built on the basis of what has been agreed upon with international organizations concerned with this issue."

"The CBI has issued a set of instructions and regulations in light of this law in the financial institutions and other groups concerned with this law the banking sector."

He Keywords that "the success of the application of the law depends largely on the nature of the deal that banking institutions with different parties, especially foreign ones," while warning that "the risks entailed in not adhering to this law facilitates the work of the special operations of money laundering channels or various other crimes to finance terrorism ".

He stressed that "the central bank gave priority to the issue of the closure of the ports for the financing of terrorism, it has succeeded to a large extent in this context, during the last two years we have stopped hundreds of financial institutions and companies from the exercise of its work due to our discovery of the existence of cases involving suspicions of and in coordination with international parties."

He continued, "We have developed a program linked to the international system to prosecute remittances, there are a large part of an electronic program and part of it was developed by an international audit offices with international companies."

"The fight against money laundering and terrorist financing, the Office deals directly with the judiciary, even without the intervention of the central bank in a lot of cases that carry legal suspicions," stressing that "these issues are fully confidential and direct follow-up between the office and the prosecution."

In turn, head of the Iraqi private banks association Wadih Handal said during the conference that "one of the European banks halted dealings with Iraq based on irresponsible remarks of some politicians."

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